The projects are for biofuel production and electricity generation.
Hungarian-American businessman George Soros plans to make multimillion-dollar investments in biofuel production and electricity generation projects in Argentina, the local business daily El Cronista reported today.
"We will invest between 300 and 400 million dollars in the country in the biofuels sector," Alejandro López Moriena, technical manager of Adecoagro, a company whose owners include the Hungarian-born billionaire, told the newspaper.
"In Brazil we have a project underway worth $1.000 billion," he added, before specifying that in that country Adecoagro currently produces about 30 million liters of ethanol per year from sugarcane.
In Argentina, the company owns more than 200.000 hectares of fields distributed across five provinces, including the central province of Santa Fe, which, according to El Cronista, has the greatest potential to become the destination for new investments.
The newspaper claims that Adecoagro plans to invest up to $400 million in Santa Fe for a project that includes not only the production of ethanol, but also the production of corn and milk in an integrated manner.
Regarding electricity generation, no details of the initiatives underway were disclosed, only that the company expects to be self-sufficient and also sell any surplus to the market.
Argentina went through a new energy crisis in the middle of this year, after the one that occurred in 2004, as a result of a polar cold wave that led to an increase in demand and pushed the supply system to the limit, to the point that the Government established restrictions on industries and cut its exports to Chile.
Adecoagro was founded in 2002 and is a regional company with operations in Argentina, Brazil and Uruguay, mainly dedicated to the production of milk, other primary products and renewable energy.
Last year, the company had tried to take over the Argentine dairy cooperative SanCor, one of the largest in the country, which received a loan from the Venezuelan government to overcome a difficult economic situation, which it will pay back with the supply of milk.
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